Recently I was thinking about the main reasons people decide to buy a car.

The first thing that people think about is the wonderful feeling of status. Ah, yes! I am sitting back in my chair, fingers laced behind my head, and imagining Brad Pitt giving Angelina the hand when he sees me touring down the road in my brand new Lincoln Continental (do they still make them?) or maybe a simple Jaguar will do.

Then you have to consider today’s improved technology. Recent advances mean that every time my mother-in-law speaks, the car makes a humming noise that blocks out the sound of her voice. If little Jimmy spills his bottle of orange juice all over the seats, it’ll wipe right up. Divine!

Safety has to be a major consideration. When the kids are close to murdering one another, whether they have their hands around each other’s necks or if they’re just tossing flammable projectiles, rest assured that their seat belts and shoulder harnesses plus the air bags will keep them safe. Until I get them home.

Reliability is a key factor. I can rely on all my neighbors being jealous if I get that new car. So there.

But if you’re like me, you have to look for a car that won’t leave you broke. You have to figure out how to pinch pennies so that they squeal louder than when you put Abe Lincoln’s head into the tread on your tires. You have to look beyond what you pay for the car.

When you decide it’s time to buy, factor these points into your costs:

• How will you finance it? If you have a large down payment and a great credit rating, you are going to get a lower interest rate. You will reduce the ownership cost, which is its price once you’ve added in all the interest you will pay over the life of the loan.

• Check your credit rating before you buy, and if there’s anything you can do to fix it up go for it. Don’t be afraid to shop for a better interest rate, even if your rating isn’t A-1.

• How much will your insurance go up? Think about factors that raise your insurance rates. Less expensive cars usually have lower safety ratings, and insurers will charge you more. Cars with high repair costs will jack up your insurance. Talk to your insurance agent before you buy.

• Buy a car that fits your needs. Do you travel long miles to work? Then you want great mileage and road safety. Do you transport your young’uns around town? Then you want versatility and reliability.

• Don’t buy a new car if you old one isn’t paid off. It’ll just pump up the size of the loan, and you’ll be forever building up equity. The term “upside down” aptly describes how you’ll manage your car loans for the rest of your life.

• Check out the cost of an extended car warranty. If you buy it from a reliable online source like Warranty Direct, you’ll avoid paying the cost of a middleman.

Today’s cars are built to last for years. Considering a new purchase involves some soul searching. After the economic hard times we’ve been through, it’s important to take advantage of your car’s life span, drive it, and pay it off while you sock away some money. Maybe the best financial decision is to buy an extended car warranty that will cover things like wear and tear, which will include emergency roadside service and rental car reimbursement.

Don’t be so quick to trade it in! Getting a new car is like deciding on a total knee replacement: When it’s really time, you’ll know.

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